3 Financial Decisions for a Great 2009
| January 7, 2009 | Posted by Roshawn Watson under Uncategorized |
It is such an exciting time of the year where many people have recently set (and possibly have already broken) New Year’s resolutions. The beginning of the year is a wonderful time to birth new habits and to reassess some of last year’s decisions (i.e. what worked? what failed?). As I write this today, I am so excited about what 2009 will bring for you. Here are 3 tips to get the most out of this year.
1. Set bold goals for 2009. Goal-setting is one of the most powerful tools for uncommon financial achievers. Steven Covey said it this way…
(Goal-setting) is based on the same principle of focus that allows us to concentrate rays of diffused sunlight into a force powerful enough to start a fire…It’s the transformation of vision into achievable, actionable doing. It’s the common denominator of successful individuals and organizations.
For me, much of last year was decided by my goals. I have previously shared the devastating impact of debt and my own struggle with eradicating it from my life. Since I began this site, one of my primary goals was to become debt-free. I achieved this goal as of last June, and I am still ecstatic. Some of you know that I was so happy that I threw a huge party to commemorate the event (i.e. nice venue with catering, live music, photographer, the works). My timeline for eliminating my debts was unreasonably short. Thus, to achieve it, I stretched myself in ways that I didn’t know was possible at this stage of my life. In the end, I was able to write a check for tens of thousands of dollars to pay off my remaining balance. It feels good to be a debt-free man. Never underestimate the power of goal-setting. This was a life-changing goal for me, and I wouldn’t have achieved it unless I deliberately planned for it.
For 2009, I have raised the bar. I wrote a detailed list of my top 11 goals for 2009 this past Sunday, and I will complete my first financial goal this Friday (January 9). Technically, I have been working on this goal for 6 months. My intention in mentioning this is not to brag at all, but I hope to inspire you to set your own bold goals.
2. Seek wise counsel. The power of mentorship can not be overstated. A mentor is merely a trusted teacher. It is not the person who gives you advice, but the person who’s advice you follow. We can receive mentorship many different ways: books, TV, blogs, personal relationship, etc. Personally and professionally, mentorship is a big part of who I am and what I can accomplish. I can give you numerous examples of how mentorship has saved me thousands of dollars. If you don’t have a mentor, that probably should be your first goal. Mentorship will spare you pain and save you money.
A major mentor in my life and former employer recently shared that someone offered him $40 million dollars for primary ownership of his current start-up. He refused the offer. His current project has been several years in the making, and giving up ownership would sacrifice the vision he has for this venture. Honestly, I still struggle with his decision. I do not know many people who can turn down that kind of money, but his wisdom is sound, and he is becoming very wealthy because of it.
Check the mentors in your life. Their advice may not always be pleasurable (believe me I know this first-hand), but they have (hopefully) already traveled down the road you are trying to go. Dip your cup into their wells often. You will benefit from their years of experience and expertise immensely.
3. Be optimistic and don’t give up. I am fully aware that 2008 has been a tumultuous and scary year for some. Several of my friends had their portfolios decimated. Others have had their businesses destroyed or loss jobs. Let me share a little advice though.
Don’t allow the economy to dictate your ambition and your destiny. No one can stop you from reaching the top except for you. Generally, most circumstances cannot stop you without your consent.
Now some would argue that these results are not typical. However, given that normal is broke, busted and disgusted, the last thing I would want you to aspire to is to be normal.
This past Monday, a reader sent in the following account…
I am 29 years old and suffered for most of my life because of poor spending habits and work ethic. Once I pulled my head out of you know where and started budgeting and paying off debt, I was able to actually save money. My wife and I only make about 35K a year combined, but through fiscal discipline and hard work, we are able to save for the future and improve our financial status.
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Copyright 2012, Roshawn Watson, Pharm.D., Ph.D. All Rights Reserved.
When I read an article like this I usually think it's geared towards those that are just realizing that the you know what is hitting the fan. Many people have no sense of self sufficiency whatsoever.
Finally, a positive outlook for 2009. Optimism might be the only thing that gets some of us through 2009.
This advice is quality and applicable to all kinds of decisions- not just financial.
TK – That's a real great observation. These principles do have broad application.U Geek. You are right in that the intention of this post was to inspire. People have been so bleak lately.Haven, you are also right in the sense that this article doesn't focus on exactly what to do in terms of step one, step 2, etc but from the broad sense of taking control of your finances.Thanks for the comments!
Good luck in 2009, I like the positive thinking!
interesting post. I would love to follow you on twitter.
Thanks for comment. You can follow me at twitter.com/roshawnwatson.